MNTN, Inc. · NYSE:MNTN
MNTN — Q1 2025 Earnings Presentation
39 slides from MNTN's earnings presentation, May 2025
Slide 1: The Hardest Working Software in Television
The Hardest Working Software in Television. TM
Slide 2: Disclaimer
Disclaimer. This presentation shall not constitute an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawfu
Slide 3: We believe we created the SMB advertising market for streaming television
$226M 9.7x We believe we Revenue (2024A) Performance TV Revenue Increase (2020 – 2024) created the SMB advertising market $39M (1) Adj. EBITDA (2024A) 2,358 (2) Total Customers for streaming television. 45% (3) “Rule of” (2024A) $25.2B (4) Client Generated Revenue (2020 – 2024) Note: 1. See Appendix
Slide 4: MNTN Introduced Performance Software to the CTV Channel
MNTN Introduced Performance Software to the CTV Channel. 92% 369 New Advertisers per Quarter on average(1) of our customers never Software is Self-Service for advertised on TV before All Customers Note: 1. Calculated as the average number of customers for each quarter in 2024 who generated spend on
Slide 5: Return on Ad Spend is the Primary Focus of Millions of Performance Advertisers
Return on Ad Spend is the Primary Focus of Millions of Performance Advertisers. $25,000 SPEND VISIT PURCHASE $125,000 Campaign Revenue Ad Spend 5x Campaign ROAS Revenue Advertisers will continue to spend against their ROAS target Note: Information on this slide is presented for illustrative purposes
Slide 6: TV has Greater Engagement and Scale than Search and Social but is Undermonetized
TV has Greater Engagement and Scale than Search and Social but is Undermonetized . (1) TV $238B(2) $132B(3) Engagement (per day) ~10 mins(4) ~64 mins(6) ~180 mins(7) Users 4.3B(5) 3.9B (MAU)(3) 5.5B (MAU)(8) Note: 1. Based on MNTN estimates. 5. New Vision, Google Statistics 2023- Users, Revenue And
Slide 7: MNTN's Near-Term Market Opportunity Approaching $120B
MNTN’s Near-Term Market Opportunity Approaching $120B. Published Market Sizes Bottoms-Up Market Potential(5) $399B 1.5M............. (1) U.S. Target Advertisers (Firm Size 10-500 Employees) ‘25-’27 CAGR: 6.8% Total U.S. Advertising(2) $8M............. Avg. Revenue $800K......... Avg. Marketing Budge
Slide 8: MNTN Unlocks Performance Budgets Not Available to Other CTV Platforms
MNTN Unlocks Performance Budgets Not Available to Other CTV Platforms. Direct to Marketer with Old Agency Driven World Full-Stack Automation Campaign Type Performance / ROAS Brand / Reach Customers Millions of Performance Marketers Limited Brand Marketers Attribution Campaign Optimization Agency Bla
Slide 9: Our Proprietary Tech Stack Enables Advertisers to Launch Performance TV Campaigns
Our Proprietary Tech Stack Enables Advertisers to Launch Performance TV Campaigns for the First Time. Self-Serve • Set goals and control budgets Goal & Budget Planning Match Audiences • Advanced graphs, keywords and intent-based Next Gen Targeting - Matching audiences Consumers With Brands Creative
Slide 10: MNTN Matched Connecting Marketers with CTV Audiences
MNTN Matched™ Connecting Marketers with CTV Audiences. Matching Based on Multiple Signals ~130M Households(1) Shopper • Looking at skateboards • Purchased surfboard Categorizing consumers based on Events Interests signals and propensity to buy • College Grad • Household income • Marriage • Fan of Sk
Slide 11: AI Drives MNTN Matched Which Simplifies Marketer Workflows
AI Drives MNTN Matched™ Which Simplifies Marketer Workflows. 1 2 3 4 Generative AI Based Matching with Matching Budget With Immediate ROAS Keywords MNTN Matched High Intent Audiences Uplift Post- Categorization(1) MNTN Matched(2) 6x Increase in Verified Visits 2x Increase in ROAS Note: 1. Graphics p
Slide 12: AI-Powered Video and Audio Generation
AI-Powered Video and Audio Generation Game-Changer for Setting Up TV Campaigns. STORYBOARD EDITOR PUBLISH Storyboarding is as easy as Provides selection of natural Instantly publish to MNTN providing text prompts for AI voices – 207 total voices(1) CTV, as well as other major both video and voiceove
Slide 13: Measurement & Attribution: Real-Time Cross Device Attribution Built for TV
Measurement & Attribution: Real-Time Cross Device Attribution Built for TV. Verified Visits™ enable accurate attribution for MNTN PTV campaigns 1 2 3 User views your User visits your site within MNTN confirms MNTN TV commercial a window of time you define Verified Visit™ Attribute Ad Performance Acr
Slide 14: Access to Substantially All Networks, Devices, and Platforms
Access to Substantially All Networks, Devices, and Platforms. Key Benefits Premium Inventory Incremental Budgets Preferential Pricing Strategically Aligned with Networks TV Advertising Reaches an Estimated 99% of US TV Households(1) Note: 1. As of December 31, 2024. 14
Slide 15: Scale drives down costs, creating a flywheel
Scale drives down costs, creating a flywheel. 15
Slide 16: MNTN's First Mover & Competitive Advantage
Tech: Brand-Direct, Self-Serve PTV Platform with Advanced AI Matching: MNTN Matched™ Offers Next-Gen Targeting Attribution: Across 400M+ Devices through 1st Party and 3rd Party Data MNTN’s First Mover & Competitive Creative: QuickFrame and Generative AI Tools Advantage. Pricing: Highly competitive R
Slide 17: Go To Market
Go To Market.
Slide 18: MNTN Has Built the Only Successful Sales Channel for Performance Advertising on TV
MNTN Has Built the Only Successful Sales Channel for Performance Advertising on TV. Marketing Engine Marketing lays the foundation Brand-Direct Approach MNTN sells to performance marketers 19 Days Product Focused Sales Average Inbound Sales Cycle(1) Sales pitches prospects on platform Trial 41 Days
Slide 19: MNTN Is A Marketing Machine
MNTN Is A Marketing Machine. RESULTS SPEAK FOR THEMSELVES 2% of Leads were 64% of Leads are Inbound in 2020 Inbound(1) 5.0B Educating the Market We Generating and Capturing Created Demand • Prolific content output, pervasive on and • Driving inbound leads of self-serve off site performance marketers
Slide 20: Consistent Customer Growth
Consistent Customer Growth. Strong PTV Customer Growth… …Including with Customers that Move the Needle PTV Customers(1) PTV Customers Generating More than $100K in Net Revenue :7 3 % 1.4x 421 G R A 2,225 C 297 142 2019A 2024A 2023A 2024A Note: 1. PTV Customers refers to the aggregate number of uniqu
Slide 21: MNTN's Brand-Direct Strategy
MNTN’s Brand-Direct Strategy. We Maintain Direct Relationships With Brands. Significant Growth Opportunity from Performance Marketers. Select Brand Relationships Key Characteristics of Performance Marketers DTC/Online Experience with Conversion paid social and Points paid search Categories: eCommerc
Slide 22: SMBs are MNTN's Core Customers
SMBs are MNTN’s Core Customers. SMBs Comprise Majority of Revenue 2024 Customer Revenue by Type as % of Total 108% 2024 Net Revenue Retention, SMB (Post-Trial)(4) Small Business(1) Mid-Market Business(2) Enterprise(3) SMB Note: 3. Large global brands, >$3M on linear or streaming ad spend, or Fortune
Slide 23: Financial Overview
Financial Overview.
Slide 24: Key Financial Highlights
Key Financial Highlights. Strong Customer and Revenue Growth The acquisition and retention of customers leads to consistent revenue growth Powerful Business Model Usage-based software model generated $27.1B in client revenue over 2019-2024 Gross Profit Expansion Gross margin expansion through increa
Slide 25: Consistent Customer Growth
Consistent Customer Growth. Strong PTV Customer Growth… …Including with Customers that Move the Needle PTV Customers(1) PTV Customers Generating More than $100K in Net Revenue :7 3 % 1.4x 421 G R A 2,225 C 297 142 2019A 2024A 2023A 2024A Note: 1. PTV Customers refers to the aggregate number of uniqu
Slide 26: SMBs are MNTN's Core Customers
SMBs are MNTN’s Core Customers. SMBs Comprise Majority of Revenue 2024 Customer Revenue by Type as % of Total 108% 2024 Net Revenue Retention, SMB (Post-Trial)(4) Small Business(1) Mid-Market Business(2) Enterprise(3) SMB Note: 3. Large global brands, >$3M on linear or streaming ad spend, or Fortune
Slide 27: Strong Customer and Revenue Growth
Strong Customer and Revenue Growth. Total Revenue PTV Customers(1) US$ in Millions 4 % 2 % 4 7 R: $226 R: G G 2,225 A A C C $52 256 2020A 2024A 2020A 2024A Note: 1. PTV Customers refers to the aggregate number of unique customers that used our PTV platform as part of their CTV campaigns in the twelv
Slide 28: Strong Margin Expansion
Strong Margin Expansion. Gross Profit Adjusted EBITDA(1) US$ in Millions US$ in Millions 0 % 4 % 5 4 R: $162 R: G G A A C C $39 $32 $9 2020A 2024A 2020A 2024A Margin Margin(1) 62% 72% 17% 17% Note: 1. See Appendix for a reconciliation with the most directly comparable GAAP figure. 27
Slide 29: 2024 Highlights
2024 Highlights. 2024A YoY $226M 28% Total Revenue Growth Strong revenue growth driven by new customers to the 72% +2pp platform and increased usage by existing customers Gross Margin Margin Expansion Operating leverage from efficiencies $163M (4%) Operating Expenses Lower Operating Expenses Positiv
Slide 30: Q1 2025 Highlights
Q1 2025 Highlights. Q1 ’25A YoY $65M 47% Total Revenue Growth Strong revenue growth driven by 89% increase in PTV customers 69% +4pp Operating leverage Gross Margin Margin Expansion enhanced by expanding top of funnel and continued investment in product innovation – $52M $14M supporting both custome
Slide 31: Significant Drivers of Continued Growth
Significant Drivers of Continued Growth. Accelerate New Expand Wallet Continuous Product Develop & Promote Increase Efficiencies & Extend Into Customer Acquisition Share Innovation the MNTN Brand Operating Leverage Adjacencies New Accelerate New Customer Acquisition & Expand Wallet Share Markets 30
Slide 32: Appendix
Appendix.
Slide 33: Build with Ferguson Drove Incremental Revenue Growth with MNTN
Build with Ferguson Drove Incremental Revenue Growth with MNTN. Build with Ferguson, a leading home improvement retailer, was Build with Ferguson was an early adopter of CTV advertising, eager for a new channel that could help generate incremental and worked with MNTN to generate incremental revenue
Slide 34: ThirdLove Tied Positive ROAS to Full Funnel Efforts with MNTN
ThirdLove Tied Positive ROAS to Full Funnel Efforts with MNTN. ThirdLove, a leading American women’s essentials company, CTV ads were served on top-tier streaming networks, pairing was searching for a way to replenish their upper funnel while ThirdLove’s brand with prestigious content to deliver a s
Slide 35: Tarte Drove Net-New Business with MNTN Performance TV
Tarte Drove Net-New Business with MNTN Performance TV. Tarte, a leading cosmetics brand, wanted an effective way to Tarte launched Performance TV prospecting and retargeting raise brand awareness, while simultaneously generating revenue campaigns to reach new shoppers and generate revenue by tapping
Slide 36: With MNTN, woom Turned CTV Into Its Growth Engine
With MNTN, woom Turned CTV Into Its Growth Engine For The U.S. Market. woom, a global leader in children’s bikes, was searching for a way MNTN Performance TV enhanced woom’s footprint in the U.S., to accelerate growth in the U.S. market. When their traditional introducing their bikes to a new market
Slide 37: 2024 Adjusted EBITDA Reconciliation
2024 Adjusted EBITDA Reconciliation. ($000s) FY 2020 FY 2023 FY 2024 Net Income (loss) $3,687 ($53,278) ($32,877) Interest Expense (net) 2,053 10,078 6,920 Income Tax Expense (benefit) 185 577 5,786 Depreciation and Amortization Expense 2,138 17,347 8,345 Stock-Based Compensation Expense(1) 421 34,8
Slide 38: Q1 2025 Adjusted EBITDA Reconciliation
Q1 2025 Adjusted EBITDA Reconciliation. ($000s) Q1 2024 Q1 2025 Net Income (loss) ($15,699)) ($21,111) Interest Expense (net) 2,943 1,155 Income Tax Expense (benefit) 11 (4,309) Depreciation and Amortization Expense 1,859 2,144 Stock-Based Compensation Expense(1) 7,803 14,060 Embedded Derivative Fai
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